{"id":127186,"date":"2025-04-15T06:17:48","date_gmt":"2025-04-15T06:17:48","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127186"},"modified":"2025-04-15T06:17:48","modified_gmt":"2025-04-15T06:17:48","slug":"northern-marianas-vetoes-bill-for-tinian-to-launch-its-own-usd-stablecoin","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127186","title":{"rendered":"Northern Marianas vetoes bill for Tinian to launch its own USD stablecoin"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsThe governor of the Northern Mariana Islands, a small Pacific US territory just north of Guam, has killed the legislation that would have allowed one of the territory\u2019s local governments to launch a fully backed US dollar-pegged stablecoin.<br \/>\nIn an April 11 letter seen by Cointelegraph, Northern Mariana Islands Governor Arnold Palacios said he vetoed the bill as it \u201cpresents several legal issues and may be unconstitutional.\u201d<br \/>\nPalacios\u2019 letter said the bill, which largely dealt with issuing licenses to internet casinos, would regulate an activity that could not \u201cbe clearly restricted\u201d to Tinian, a small island forming part of the territory that was hoping to launch a stablecoin.<br \/>\nTinian, which has just over 2,000 residents and a largely tourism-based economy, is governed by the local government, the Municipality of Tinian and Aguiguan, one of four municipalities in the Commonwealth of the Northern Mariana Islands.<br \/>\nIn February, Republican Northern Marianas Senator Jude Hofschneider led the introduction of the bill to amend a local Tinian law to allow internet-only casino licenses, which tacked on a provision allowing the Tinian treasurer to issue, manage and redeem a \u201cTinian Stable Token.\u201d\u00a0<br \/>\nThe four-member Tinian delegation to the Marianas legislature passed the bill in a unanimous vote on March 12.<br \/>\nIn vetoing the bill, Palacios didn\u2019t comment on the proposed stablecoin, instead taking issue with its aim to police an industry that can cross jurisdictional boundaries, and said the measure lacked \u201crobust enforcement measures to prevent illegal gaming activities.\u201d<br \/>\nA highlighted excerpt of Governer Palacios\u2019 letter noting his reasons for vetoing the stablecoin and internet gambling bill Source: Northern Mariana Islands Governor\u2019s OfficeTinian misses chance at beating Wyoming<br \/>\nThe bill\u2019s passage could have seen Tinian\u2019s government be the first US government entity to issue a stablecoin ahead of Wyoming, whose Governor Mark Gordon said in March that the state\u2019s stablecoin could be ready for a launch in July.<br \/>\nThe stablecoin was to be known as the Marianas US Dollar (MUSD), which was to be fully backed by cash and US Treasury bills held in reserve by the Tinian Municipal Treasury, according to statements shared with Cointelegraph last month.<br \/>\nRelated: The GENIUS stablecoin bill is a CBDC trojan horse \u2014 DeFi exec<br \/>\nThe Tinian local government chose tech services firm Marianas Rai Corporation, based in the Commonwealth\u2019s capital of Saipan, to exclusively provide the infrastructure to issue and redeem MUSD and develop its ecosystem.<br \/>\nThe token was slated to launch on the eCash blockchain, a network that rebranded from Bitcoin Cash ABC in 2021 and is a fork of Bitcoin Cash \u2014 a blockchain that split off from Bitcoin in 2017.<br \/>\nThe launch of MUSD was meant to coincide with Google\u2019s $1 billion plan announced in April to route fiber-optic subsea cables from the mainland US through Tinian and onto Japan to improve internet connectivity.<br \/>\nMagazine: Elon Musk\u2019s plan to run government on blockchain faces uphill battle\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/northern-marianas-veto-bill-allowing-stablecoin-launch?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsThe governor of the Northern Mariana Islands, a small Pacific US territory just north of Guam, has killed the legislation that would have allowed one of the territory\u2019s&hellip; 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